星期日, 10月 17, 2021
Home PV Technology Solar Cell & Module Maker Premier Energies Raises ₹2 Billion from GEF...

Solar Cell & Module Maker Premier Energies Raises ₹2 Billion from GEF Capital

The company plans to triple its capacity by 2023 with an investment outlay of ₹12 billion

Source:MERCOM

Solar photovoltaic (PV) cell and module manufacturer Premier Energies has raised ?2 billion (~$27.11 million) from climate investment-focused private equity manager GEF Capital Partners. Premier Energies will infuse the funds to expand its solar PV cell and module manufacturing capacity.
Centrum Capital Limited acted as the exclusive advisor to Premier Energies on this transaction.
The company will invest the equity capital for adding 2 GW each of cell and module manufacturing. An investment of over ?12 billion (~$162 million) over the next two years is planned for production using monocrystalline PERC technology.
“We are excited to have a credible partner like GEF Capital on board, and the timing of investment is critical for us to capitalize on the huge growth potential presented by the industry,” said Surender Pal Singh, Chairman, Premier Energies.
Based in Hyderabad, Premier Energies is one of India’s largest integrated solar photovoltaic cell and module manufacturers and has completed 25 years of operations in 2020. In July 2021, Premier Energies unveiled their new state-of-the-art facility at E-City Hyderabad with 750 MW solar cell and module production capacity. The facility produces MCCE textured multi-crystalline, mono PERC, and polycrystalline cells and modules.
“We are extremely upbeat about the progressive policy changes brought about by the Government of India in this sector. I am confident about meeting the growth expectations of our stakeholders. At the same time, we will continue to strive to improvise on sustainable sources of Clean Energy,” said Chiranjeev Saluja, Founder and Managing Director, Premier Energies.
The solar cell and module manufacturing sector have lately witnessed unprecedented interest from strategic investors.
Recently, Mercom spoke with Chiranjeev Saluja, Managing Director of Premier Energies, to discuss the company’s plans and his thoughts on the existing policies related to the solar sector. Saluja shared that along with supplying to the domestic market, the company also plans to export to North America and European markets.
Government initiatives like the imposition of Basic Customs Duty on imported cells and modules and the Production Linked Incentive program to encourage domestic production under the Aatmanirbhar program have welcomed the industry.
According to Mercom India Research’s latest Q2 2021 India Solar Market Update, investments in the Indian solar sector increased by 119% quarter-over-quarter, with over $2 billion in the calendar year’s second quarter of 2021.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

A shift in focus is coming for a DOE loan program

The Department of Energy’s (DOE) Loan Programs Office (LPO) has issued more than $35 billion in loans and loan guarantees for more than 30...

NREL findings could delay silicon solar panel degradation

Researchers at the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) and Colorado School of Mines are applying a new technique to identify...

New Jersey city partners with PosiGen to bring solar to LMI residents

Paterson is the first New Jersey city to join in partnership with the Solar for All New Jersey program from Posigen, a rooftop solar...

Swell Energy to establish 45-MWh virtual power plant for Northern California utility

Swell Energy has set up 45-MWh virtual power plant (VPP) contract with California utility Redwood Coast Energy Authority (RCEA), bringing essential power reliability to...